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  • TNR Gold: McEwen Mining - Los Azules Copper Project Continues To Grow TNR.v, MUX  0 comments
    Jan 17, 2013 11:43 AM | about stocks: ABX, TRRXF, MUX, GALXF, RDNAF, OROCF, LITHF, TLTHF, FMC, ROC, LIT, MCP, REE, F, TM, GM, NSANF, DOW, JCI, IBM, BASFY, FCX, RIO, BHP, TCK, SSNLF, TSLA, ZIP, VALE, BYDDY, POT, ALLRF, MOS, SOIL, IPI, NPTH, PPRTF

    Kirill Klip ‏@kirillklip

    International Lithium Corp, TNR Gold Corp. and Coast Mountain Geological Ltd. Exhibiting at Cambridge House Vancouver …http://lnkd.in/jF_Nt6

    Kirill Klip ‏@kirillklip

    No Financing Needed for Los Azules Copper Now - Back-In right is at feasibility. McEwen Mining is drilling on the property now.

    McEwen Mining:

    - "Exploration efforts at the Los Azules Copper Project in San Juan Province, Argentina, continues to show significant potential to increase the size of the resource."

    - "The Company expects to release an updated resource estimate for Los

    Azules which incorporates these recent results in Mid-February."

    - "Earlier this month, the company hired BMO Capital Markets to market Los Azules."

    - "Los Azules is one of the world's largest, highest grade, undeveloped copper-porphyry deposits not owned by a major base metal company."

     

    TNR Gold Los Azules: McEwen Mining - Initial exploration results and an updated resource estimate will be released by the end of January. TNR.v, MUX


    "McEwen Mining: "Late in the year, we announced a settlement of the lawsuit on our Los Azules property and began an aggressive exploration program there. Initial exploration results and an updated resource estimate will be released by the end of January."

    After the announced settlement TNR Gold will have the following assets:

    "The settlement restores a 25% back-in right to TNR which is exercisable following the completion of a feasibility study. The back-in right allows TNR to back-in for 25% of the northern part of the Los Azules property, which McEwen Mining has said contains the largest share of the known resource at Los Azules.

    In addition, TNR receives an industry standard Net Smelter Royalty of 0.6% and 1 million shares in McEwen Mining (information about McEwen Mining can be found at http://www.mcewenmining.com and on Sedar at http://www.sedar.com). The Net Smelter Royalty is over the northern portion of the property and is triggered if TNR chooses to back-in for 5% or less or is diluted below 5%. In return, TNR will discontinue its claims and transfer to McEwen Mining the mineral rights to a property called Escorpio IV.

    Kirill Klip, Non-Executive Chairman of TNR Gold, stated, "I welcome the positive resolution of the Los Azules litigation in the out of court settlement between TNR Gold and McEwen Mining. I would like personally to thank Rob McEwen as this resolution is a highly beneficial outcome for both our companies. Removing the uncertainty over the rights to Los Azules will allow the project to now achieve its full potential for the benefit of the shareholders of both TNR Gold and McEwen Mining, and I consider our stake in McEwen Mining as a strategic holding for TNR Gold."

    (click to enlarge)

    "What some people are missing - judging by the chatting on the boards, and what was explained to us by IR of the company - is that TNR Gold does Not have to make any financing and dilution now, it will be carried out into the Feasibility Study on Los Azules by the Operator on the property, which is McEwen Mining now.

    As we have wrote extensively before, this deposit will grow in size, TNR Gold has the High Grade Core on its property, which is subject to Back-In, hopefully that part will grow even larger than now as well.

    This year will be very interesting for TNR Gold."

    TNR Gold CEO interview on the Los Azules Copper Settlement.

    (click to enlarge)

    McEwen Mining - "Los Azules - October 2012, drilling commences"

     

    TNR Gold: McEwen Shops Los Azules Copper Mine to Focus on Gold TNR.v, MUX

    (click to enlarge)

    TNR Gold And McEwen Mining: When Just Good Is Not Enough TNR.v, MUX

    "These two guys know Thing or Two about tennis, The Other Two know Thing or Two about deposits and the Good Deals. They will tell The Story to you as well - just let the Legal Dust to Settle. Enjoy the Best and Never Settle for The Rest. We will run a few commentaries once gather more publicly available information.

    TNR Gold Investor Presentation - Los Azules Settlement November 2012.

    Bloomberg:

    Los Azules Copper Project Continues to Grow


    Los Azules Copper Project Continues to Grow

    Potential New Parallel Trend Emerging

    Mineralization Extending to Depth & to the East

    TORONTO, ONTARIO -- (Marketwire) -- 01/17/13 -- McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) today announced that its exploration efforts at the Los Azules Copper Project in San Juan Province, Argentina, continues to show significant potential to increase the size of the resource. The first ten drill holes completed and assayed have been successful in extending the mineralization both laterally to the east and to depth. In addition, the drilling appears to have identified a parallel mineralized trend to the southwest of the main part of the existing resource.

    Exploration Highlights

    -- A possible parallel mineralized trend may be emerging southwest of the resource. Good grades over long intervals have been intersected, highlights of which include 0.61% copper over 160 meters and 0.49% copper over 329 meters both in Hole 1291, 0.87% copper over 69 meters in Hole 12101 and 0.44% copper over 529 meters in Hole 1299, with each hole ending in mineralization. -- Drill hole 1294 successfully extended the known copper mineralization 200 meters below the limits of the current resource. The total intersection of the hole assayed 0.47% copper over 610 meters meters and included 0.95% copper over 68 meters and 0.65% copper over 100 meters. A second drill hole, 1299, assayed 0.44% copper over 529 meters. This drill hole ended approximately 600 meters below the resource outline. -- Drill hole 1289 was designed to target new mineralization further to the east. It was successful and returned 0.44% copper over 147 meters. This hole was drilled 150 meters east of any prior drilling. -- The Company expects to release an updated resource estimate for Los Azules which incorporates these recent results in Mid-February.

    TABLE 1. LOS AZULES EXPLORATION HIGHLIGHTS

    ----------------------------------------------------------------------------From To Thickness Copper Grade Hole (m) (m) (m) (%) ----------------------------------------------------------------------------1291 72 232 160 0.61 And 562 890.5 328.5 0.49 including 790 890.5 100.5 0.71 --------------------------------------------------------------------------------------------------------------------------------------------------------1294 252 861.9 609.9 0.47 including 268 336 68 0.95 Including 560 660 100 0.65 --------------------------------------------------------------------------------------------------------------------------------------------------------1299 546 1074.6 528.6 0.44 ----------------------------------------------------------------------------

    The Company was successful in starting drilling in October, two months earlier than prior seasons. In addition, the drilling has consistently achieved drill hole depths greater than 700 meters with Hole 1299 drilled to a depth of 1,075 meters. Significantly, all of the deeper drill holes ended in mineralization.Drilling will continue to focus on expanding the resource. This season's exploration program is on track to achieve its objective of completing 15,000 meters of drilling by the end of April.

    A table of all 10 drill hole assay results is provided below in Table 2. A drill hole location map (Exhibit 1) and cross sections of the Los Azules resource (Exhibits 2, 3 and 4) are provided below.

    Earlier this month, the company hired BMO Capital Markets to market Los Azules.

    About the Los Azules Copper Project

    Los Azules is a large copper porphyry system located in western San Juan Province within a belt of porphyry copper deposits that straddles the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others. Los Azules is one of the world's largest, highest grade, undeveloped copper-porphyry deposits not owned by a major base metal company.

    The mineral resources for Los Azules were calculated in June 2012 and are summarized in the table below with a cut-off grade of 0.35% copper.

    ----------------------------------------------------------------------------Contained Mineral Resource Tonnes Copper Copper Gold Silver Category (millions) (%) (MM lbs) grams/tonne grams/tonne----------------------------------------------------------------------------Indicated 323 0.65 4.6 0.07 1.8 Inferred 948 0.52 10.8 0.06 1.8 ----------------------------------------------------------------------------

    About McEwen Mining (mcewenmining.com)

    The goal of McEwen Mining is to qualify for inclusion in the S&P 500 by 2015 by creating a high growth, low-cost, mid-tier gold producer focused in the Americas. McEwen Mining's principal assets consist of the San Jose Mine in Santa Cruz, Argentina (49% interest); the El Gallo Complex in Sinaloa, Mexico; the Gold Bar Project in Nevada, US; the Los Azules Project in San Juan, Argentina and a large portfolio of exploration properties in Argentina, Nevada and Mexico.

    McEwen Mining has 300,605,735 shares issued and outstanding. Rob McEwen, Chairman, President and Chief Owner, owns approximately 25% of the shares of the Company. As of December 31, 2012, McEwen Mining had cash and liquid assets of approximately US$70 million and is debt free.

    Technical Information

    James K. Duff, Senior Consultant to the Company and a Registered Member in good standing of the Society for Mining, Metallurgy and Exploration, who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the technical contents of this news release. Bruce Davis, PhD, FAusIMM, who is a Qualified Person as defined by NI 43-101 and responsible for the quality control for the assaying of the Los Azules drill core has reviewed the assay quality control information. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to the laboratory of Alex Stewart International in Mendoza, Argentina for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.

    For additional information about the Los Azules project see the Technical Report titled "Los Azules Porphyry Copper Project, San Juan Province, Argentina" dated August 1, 2012, with an effective date of June 15, 2012, prepared by D. Ernest Winkler, P.Eng, Robert Sim, P.Geo, Bruce Davis, PhD, FAusIMM and James K. Duff, P.Geo, all of whom are qualified persons and all of whom are independent of McEwen Mining, each as defined by NI 43-101. The foregoing report is available under the Corporation's profile on SEDAR (sedar.com).

    Cautionary Note to U.S. Investors

    McEwen Mining reports its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards generally permitted in reports filed with the SEC. Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC. According to Canadian NI 43-101 criteria, the estimation of measured resources and indicated resources involve greater uncertainty as to their economic feasibility than the estimation of proven and probable reserves. Under SEC Industry Guide 7 criteria, measured, indicated and inferred resources are considered Mineralized Material. The SEC considers that in addition to greater uncertainty as to the economic feasibility of Mineralized Material compared to proven and probable reserves, there is also greater uncertainty as to the existence of Mineralized Material. U.S. investors are cautioned not to assume that measured or indicated resources will be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources.

    Caution Concerning Forward-Looking Statements

    This press release contains certain forward-looking statements and information, including "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this press release, McEwen Mining Inc.'s (the "Company") estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, risks related to the cost of transferring or otherwise allocating funds between operating jurisdictions, factors associated with fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and other filings with the Securities and Exchange Commission, under the caption "Risk Factors", for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

    Table 2 - Summary of Drill Hole Results for the First Half of the 2012/13 Drill Season

    ----------------------------------------------------------------------------From To Thickness Cu Hole Northing Easting Dip (m) (m) (m) (%) Zone ----------------------------------------------------------------------------1284 6558652 2383287 90 degrees 0 52 52 - Overburden ----------------------------------------------------------------------------Mixed oxide and weak secondary 52 74 22 0.19 enrichment -------------------------------------------Primary chalcopyrite in fractures with 74 380 306 0.19 minor bornite -------------------------------------------Primary chalcopyrite and bornite in 380 464 84 0.38 fractures -------------------------------------------Primary chalcopyrite and bornite in 464 580 116 0.25 fractures -------------------------------------------Primary chalcopyrite and bornite in 580 1022.5 442.5 0.37 fractures -------------------------------------------Infill hole completed to target depth. Average core recovery was 96%. --------------------------------------------------------------------------------------------------------------------------------------------------------1285 6558327 2383437 90 degrees 0 41.5 41.5 - Overburden ----------------------------------------------------------------------------41.5 60 18.5 0.05 Leached cap -------------------------------------------60 162 102 0.18 Transition zone -------------------------------------------Primary chalcopyrite greater than greater than bornite in 162 430 268 0.14 fractures -------------------------------------------Primary chalcopyrite greater than greater than bornite in 430 484 54 0.45 fractures -------------------------------------------Primary chalcopyrite greater than greater than bornite in 484 666 182 0.23 fractures -------------------------------------------Primary chalcopyrite greater than greater than bornite in 666 736 70 0.35 fractures -------------------------------------------Infill hole completed to target depth. Average core recovery was 89%. --------------------------------------------------------------------------------------------------------------------------------------------------------1286 6558138 2383470 90 degrees 0 40 40 - Overburden ----------------------------------------------------------------------------40 106 66 0.05 Leached cap -------------------------------------------Partially enrichedchalcopyrite greater than 106 264 158 0.22 chalcocite -------------------------------------------Primary chalcopyrite in fractures greater than greater than 264 335.5 71.5 0.12 disseminations -------------------------------------------Infill hole lost at 335.5 m before reachingtarget depth. Average core recovery was 86%. --------------------------------------------------------------------------------------------------------------------------------------------------------1287 6558148 2383002 90 degrees 0 8 8 - Overburden ----------------------------------------------------------------------------8 76 68 0.06 Leached cap -------------------------------------------Primary chalcopyrite greater than greater than bornite in 76 618.1 542.1 0.11 fractures -------------------------------------------Step-out hole completed to target depth. Average core recovery was 94%. --------------------------------------------------------------------------------------------------------------------------------------------------------1288 6558378 2382797 90 degrees 0 13.5 13.5 - Overburden ----------------------------------------------------------------------------13.5 126 112.5 0.05 Leached cap -------------------------------------------Primary chalcopyrite greater than greater than bornite in 126 740 614 0.11 fractures -------------------------------------------Primary chalcopyrite greater than greater than bornite in 740 823.2 83.2 0.33 fractures -------------------------------------------Step-out hole completed to target depth. Average core recovery was 96%. --------------------------------------------------------------------------------------------------------------------------------------------------------1289 6559201 2383700 90 degrees 0 40 40 - Overburden ----------------------------------------------------------------------------40 166 126 0.02 Leached cap -------------------------------------------Chalcopyrite with minor weak secondary 166 220 54 0.28 enrichment -------------------------------------------Primary chalcopyrite with 220 367 147 0.44 minor chalcocite -------------------------------------------Step-out hole lost at 367 m before reachingtarget zone. Average core recovery was 81%.--------------------------------------------------------------------------------------------------------------------------------------------------------1291 6558852 2382903 90 degrees 0 55 55 - Overburden ----------------------------------------------------------------------------55 72 17 0.03 Leached cap -------------------------------------------Enriched chalcocitegreater than 72 232 160 0.61 chalcopyrite -------------------------------------------Primary chalcopyrite greater than greater than greater than 232 562 330 0.18 bornite -------------------------------------------Primary chalcopyrite and bornite greater 562 790 228 0.40 than chalcocite -------------------------------------------Primary chalcopyrite and bornite greater 790 890.5 100.5 0.71 than chalcocite -------------------------------------------Step-out hole completed to target depth. Average core recovery was 97%. --------------------------------------------------------------------------------------------------------------------------------------------------------1294 6558292 2383212 90 degrees 0 62.2 62.2 - Overburden ----------------------------------------------------------------------------Mixed chalcocite and chalcopyrite in62.2 74 11.8 0.53 transition zone -------------------------------------------Weak chalcocite enrichment greaterthan greater than greater than 74 252 178 0.12 chalcopyrite -------------------------------------------Primary chalcopyrite greater than bornite and primary252 861.9 609.9 0.47 chalcocite -------------------------------------------Hole completed to target depth. Average core recovery was 88%. Twin of hole 1279 from prior season. --------------------------------------------------------------------------------------------------------------------------------------------------------1299 6558984 2383001 90 degrees 0 60 60 - Overburden ----------------------------------------------------------------------------60 78 18 0.08 Leached cap -------------------------------------------Transition zone with chalcopyrite greater than greater than 78 94 16 0.55 chalcocite -------------------------------------------Primary chalcopyrite and 94 546 452 0.25 bornite -------------------------------------------Primary chalcopyrite in veinlets and 546 1074.6 528.6 0.44 fractures -------------------------------------------Step-out hole completed to target depth. Average core recovery was 92%. --------------------------------------------------------------------------------------------------------------------------------------------------------Reverse circulation12101 6558167 2383218 90 degrees 0 168 168 - pre-collar ----------------------------------------------------------------------------Secondary chalcocite 168 237 69 0.87 enrichment -------------------------------------------Step-out hole lost at 237 m before reachingtarget zone. Average core recovery was 75%.----------------------------------------------------------------------------

    To view the figures associated with this release, please visit the following link:http://media3.marketwire.com/docs/mcewlink1.pdf

    The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

    Contacts: McEwen Mining Inc. Jenya Meshcheryakova Investor Relations (647) 258-0395 ext 410 or Toll Free: (866) 441-0690 (647) 258-0408 (FAX) info@mcewenmining.commcewenmining.com";

    Please Note our New Legal Disclaimer on the Blog, including, but Not limited to:

    There are NO Qualified Persons among the authors of this blog as it is defined by NI 43-101, we were NOT able to verify and check any provided information in the articles, news releases or on the links embedded on this blog; you must NOT rely in any sense on any of this information in order to make any resource or value calculation, or attribute any particular value or Price Target to any discussed securities.

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